Nifty 50 hits all-time high led by banks, metals, auto stocks; small, midcaps support rally

Broader markets supported the rally with the Nifty Midcap 100 and Nifty Smallcap 100 also hitting their record highs.

Meanwhile, BSE’s 30-share index Sensex was trading more than 300 points higher at 67,293, and was away over 600 points from its all-time high of 67,927.23 hit on September 15.

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Stocks leading gains in Nifty 50 included Larsen & Toubro, NTPC, Asian Paints, ONGC and PowerGrid Corporation of India.

In the past one month, the Nifty 50 index has jumped over 6.5%, while it is up more than 11.7% year-to-date (YTD).

Markets were supported led by optimism over better than estimated India’s gross domestic product (GDP) growth for the September quarter along with inflows of foreign capital.

India’s GDP growth for the July-September quarter of FY24 stood at 7.6% as compared to 6.2%, YoY, with the economy retaining its spot as the world’s fastest-growing major economy.

Meanwhile, foreign institutional investors (FIIs) on Thursday net bought stocks of Indian companies worth ₹8,147.85 crore, according to BSE data.

“With robust GDP data and FII buying, Indian markets are poised to reach new highs. Traders should maintain a long position with a trailing stop loss at the solid support level of 20,050,” said Deven Mehata, Research Analyst, Choice Broking.

According to the technical charts, support for Nifty 50 is placed at 20,100, followed by 20,050 and 20,000. On the higher side, 20,200 can be an immediate resistance, followed by 20,300 and 20,350.